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Faangs may lose some of their bite if they face same curbs as banks

Katherine Griffiths

It’s becoming harder to be a Faang. Philip Hammond has signalled that he may use the budget to implement a digital services tax that would force the likes of Facebook, Apple, Amazon, Netflix and Google to pay what many believe is their fair share. Technology companies face growing scrutiny in other areas, too, including financial services, where the burden could be about to become more significant.

If Apple or Amazon ventured into lending and taking deposits, as has been speculated in the past, naturally it would require a banking licence. However, it is the likes of Apple or IBM becoming increasingly involved with banks through outsourcing that has prompted some to suggest that they should be subject to the same rules and regulations as banks.…

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